Sabena Creditors Approve Rescue Plan
Associated Press
Creditors of bankrupt Sabena approved a financing plan for a new, slimmed-down airline that would save 6,000 jobs and spare Belgium the embarrassment of having no national flag carrier.
Bankers Etienne Davignon and Maurice Lippens said they had raised the necessary $267million to keep the former Sabena subsidiary Delta Air Transport flying. They also secured the vital approval of all creditors of Sabena’s former in-house banker, SIC, which also is in bankruptcy court.
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